China’s Overnight SHIBOR Falls to 1.2630%, Down 0.20 Basis Points

The move is marginal, but the direction is consistent across tenors, with the front end easing slightly alongside the seven-day and three-month fixings. That uniformity suggests broad, quiet liquidity conditions rather than a single-tenor distortion, which matters more for funding-sensitive strategies than the size of the decline itself. Whether the overnight rate holds near this level or drifts further is the open question worth watching.